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Latvian Forest Development Fund — LV0000113017
DE
Debitum Business lending Financé
Ce projet est clôturé. L'analyse ci-dessous reflète les informations disponibles au moment de la souscription et n'a pas été mise à jour.

Latvian Forest Development Fund — LV0000113017

Average
60
score / 100
Yield
15.0%/yr
Duration
38 months
Min. ticket
—
Amount raised
200 k€
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À propos

Loan note fractioned on Latvian Debitum platform, issued by Latvian Forest Development Fund (LFDF). The underlying asset is a pool of business loans (POOL_OF_BUSINESS_LOANS) in the amount of 200,000 € over approximately 38 months. The Debitum platform is regulated in Latvia under the European ECSP regime.

Plateforme · 21.0/25
A1 · Statut réglementaire 8.0/8✓ max
  • Licenced by Latvijas Banka / FCMC since September 2021 under Latvian ECSP regime
  • Calibration: Lande Finance (ECSP Latvijas Banka) = 8 points
  • Equivalent status applied
A2 · Track Record 6.0/6✓ max
  • Default 0% since 2019 (6/6)
  • Delay rate 0% (6/6)
  • Non-deviating yield reported (6/6)
  • A2 = (6×0.5 + 6×0.3 + 6×0.2) = 6/6
A3 · Rigueur de sélection 2.0/4
  • Process mentioned (post-2023 improvements), no published selection rate nor detailed committee description
  • 2 points by default
A4 · Santé financière 3.0/4bon
  • Portfolio doubled in 2024, AUM €27.4M, 0% default
  • Independent platform >3 years, no distress signal
  • Concern of forestry sector concentration (March 2026) mild
A5 · Protection investisseurs 2.0/3
  • Active Latvian ECSP → 1 mandatory point (reflection period / continuity plan)
  • Buy-back guarantee at 90 days documented → 1 point (liquidity mechanism)
  • Segregated accounts not explicitly confirmed → 0 points
Projet · 39.0/75 (42.0 brut, red flags −3)
B1 · Instrument & Structure 7.0/10
B1.1: 5/5 - Simple obligation at fixed rate, recognised Latvian EU law
B1.2: 1/3 - Fractional note on LFDF pool, P2P marketplace structure, intercompany opacity flagged
B1.3: 1/2 - Rank not formally registered, no documented senior debt
B2 · Opérateur & Track record 8.0/15
B2.1: 2/4 - LFDF named, management not publicly identified in file
B2.2: 3/5 - Recent NBFI (<2 years), outstanding balance 52M€, but short history
B2.3: 2/3 - One operation repaid (May 2025), no incident reported
B2.4: 1/3 - Opaque intercompany structure flagged, balance sheet not communicated
B3 · Garanties & Sûretés 6.0/15faible
B3.1: 4/9 - Personal guarantee presumed; underlying loan pool not detailed, guarantees on receivables not documented
B3.2: 1/4 - Guarantor solidity not assessable, LFDF balance sheet not provided
B3.3: 2/2 - LFDF licensed NBFI entity, constitutes financial institutional partner
B4 · Structure financière 8.0/15
B4.1: 3/5 - taux de couverture de la dette estimated 1.5-2.0 on basis of outstanding balance and yields, partial data
B4.2: 2/4 - LFDF own funds not communicated, leverage unknown
B4.3: 2/4 - No stress test, but portfolio diversified across Latvian SMEs/companies
B4.4: 1/2 - Net margin estimated correct for NBFI but not documented
B5 · Pré-commercialisation 6.0/10
  • Active portfolio >52M€, partial diversification documented, short history (<18 months)
  • Forestry sector concentration flagged by third-party analysts
B6 · Permis & Maturité 5.0/5✓ max

LFDF established activity, valid Latvian NBFI licence, legal documents in order, valid licences

B7 · Marché & Localisation 2.0/3
  • Latvian SME credit market growing (business loans +18.6% in 2025), credit-to-GDP 29% (potential)
  • Risks: GDP slowdown 2026 at 1.4%, inflationary pressures, export/energy sectors under pressure
Points forts
✓Debitum platform licensed ECSP, track record 0% default since 2019.
✓Latvian SME credit market in strong growth (+18.6% in 2025).
✓LFDF repaid in full a first note in May 2025.
✓Attractive interest rate 15%/year for SME-NBFI class.
✓Licensed NBFI activity, outstanding balance 52M€ in less than 18 months.
Risques identifiés
!LFDF represents 86% of Debitum portfolio - extreme concentration on single originator.
!Opaque intercompany structures flagged by independent analysts (Re:think P2P).
!LFDF management and balance sheet not communicated in file, insufficient transparency.
!Latvian forestry sector concentration, sector exposed to commodity cycles.
!LFDF history less than 18 months - insufficient track record to assess real risk.
Score card
Score card — Latvian Forest Development Fund — LV0000113017
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